Gold mid-tiers’ Q3 2024 fundamentals
All-time-high gold prices combined with relatively-contained costs catapulted unit earnings to another epic record.
The South Jakarta municipal court rejected a civil suit by the Indonesian Human Rights Committee For Social Justice (IHCS) against a subsidiary of mining giant Freeport McMoRan concerning its royalty rates contract with the government.
“Because the lawsuit has nothing to do with human rights, the panel of judges is of the opinion that the plaintiff has no legal standing to file the lawsuit,” said the leader of the the panel of judges hearing the case, Suko Harsono.
IHCS argues that the 2003 contract violated a law by setting royalties at 1.5% on copper and 1.5% on gold. The law mandated royalties of 3.75% on gold and 4% on copper. IHCS claims Freeport owes USD 246 million in unpaid royalties.
Source (English): The Jakarta Globe
